MAS Real Estate | Second stage growth

MAS Real Estate (MSP) has been one of our top picks in the South African listed property sector over the past year as the counter presents South African investors with an authentic opportunity to diversify away from difficult domestic growth conditions. In this note, we focus on four points of vulnerability in our thesis, namely: 1. The performance of adjusted NAV per share growth over the prior two years. 2. Direct evidence of organic rental growth potential. 3. An increase in MSP's gearing ...